关注 「电动车公社」 和我们一起重新思考汽车 以下是上周新能源圈的新闻： 新车上市： 一汽奔腾悦意07上市，售价9.98-12.99万元； 尊界S800上市，售价70.8-101.8万元起，上市48小时大定2100台； 新款小鹏MONA M03上市，售价11.98-13.98万元； 吉利雷达金刚EM-P&地平线EM-P上市，售价13.98-15.98万元； 新款宝骏悦也Plus上市，售价7.68-10.58万元； 新款捷途山海T1上市，售价13.49-17.99万元； 新款蔚来ET5/ET5T上市，售价29.8万元起； 广汽传祺向往M8上市，售价35.99-40.99万元； 公司动态： 蔚来世界模型NWM首个版本开启推送； 理想汽车发布2025年第一季度财报； 极氪与蔚来达成充电网络双向互联互通合作； 小米发布2025一季度财报，净利润首次突破百亿； 国内新闻： 中汽协发布红头文件，倡议反对价格战、内卷式竞争； 2025粤港澳大湾区车展开幕； 国际新闻 ： 韩国LG和三星SDI即将在美国增设电池产线； 马斯克从特朗普政府离职； 新车上市 1 、 一汽奔腾悦意07上市 售价9.98-12.99万元 5月26日， ...

Summary of Li Auto's Conference Call Company Overview - **Company**: Li Auto - **Industry**: Automotive, specifically focusing on electric vehicles (EVs) and hybrid models Key Points and Arguments Market Performance - As of April 2025, Li Auto achieved a market share of **14.1%**, maintaining its position as the top-selling Chinese automotive brand for **14 consecutive months** in the **20万元** and above new energy vehicle market [2][3] - Cumulative deliveries exceeded **1.26 million units**, with the Li L series reaching a milestone of **1 million units** delivered by April 2025 [3] Product Development and Launch Plans - Li Auto plans to launch two new pure electric SUV models: **I8** in July 2025 and **I6** in September 2025 [2][4] - The company has introduced the **Mega** and **L series** with upgraded chips and laser radar to enhance driving assistance features [2][4] - The **ALMAC 4G** model, developed in-house, aims to improve the perception and adaptability of the driving assistance system [2][6] Financial Performance - In Q1 2025, total revenue reached **259 billion RMB**, with a stable gross margin of approximately **20%** [2][7] - GAAP net profit was **6 billion RMB**, while non-GAAP net profit stood at **10 billion RMB** [2][7] - Cash reserves exceeded **100 billion RMB**, providing a solid foundation for future growth [2][7] Gross Margin and Future Expectations - The gross margin showed a slight increase, influenced by financial information, despite a **3,000 RMB** drop in average selling price (ASP) [8] - The company expects steady growth in gross margin in the upcoming quarters [8] Charging Network Expansion - Li Auto has opened **2,350** supercharging stations with over **12,280** charging piles, aiming for **2,500** stations before the I8 launch and **4,000** by year-end [4][10] Research and Development (R&D) Budget - The R&D budget for 2025 is estimated between **11 billion to 12 billion RMB**, with approximately **4.5 billion RMB** allocated for AI-related research [4][12] - The company emphasizes collaboration with partners to enhance R&D efficiency and share results [19] Sales Strategy in Lower-Tier Cities - Li Auto is expanding its sales network and optimizing store layouts in lower-tier cities to boost sales [13][14] - The company has launched the **Star Plan** to improve service quality and customer satisfaction [13] International Market Strategy - Li Auto's international strategy is a long-term plan, focusing on understanding local user needs and building brand recognition over the next ten years [18] Product Strategy and Market Trends - The company is adapting to trends in the electric vehicle market, particularly in the extended-range electric vehicle segment, which is expected to see increased battery capacity [16] - Li Auto plans to expand its product offerings to include sedans and MPVs based on user demand [17] AI and Talent Management - Li Auto is focusing on AI advancements and talent acquisition in areas like virtual reality management [20] - The company aims to create a platform for personal value realization rather than relying solely on high salaries to retain talent [20] Additional Important Insights - The company is cautious about increasing R&D spending significantly, preferring to collaborate with partners to mitigate risks [19] - Li Auto's strategy includes a balanced approach to product offerings in the **20万元** and above market, with expectations of equal market share between extended-range and pure electric vehicles in the long term [16]

Core Viewpoint - Huawei and JAC have launched their first luxury electric vehicle, the ZunJie S800, with a price range of 708,000 to 1,018,000 yuan, and the highest price with full options reaching 1,128,000 yuan. The initial order volume has exceeded 1,000 units, with 70% being high-end versions priced over 1 million yuan, indicating a successful first phase in the luxury car market [1][4][13]. Design and Features - The ZunJie S800 adopts a "traditional luxury" design approach, featuring spacious interiors, high-quality materials, and a large wheelbase of 3,370 mm, comparable to high-end models like the Maybach S-Class and Bentley Flying Spur [4][13]. - The vehicle incorporates premium materials, such as wood trim sourced from the same imported wood to ensure aesthetic continuity, and has advanced manufacturing techniques for high-gloss wood finishes [13][24]. - An innovative "privacy rear seat" feature has been introduced, allowing for sound and visual isolation between the front and rear seats, catering to the hidden needs of luxury car customers [14][15]. Market Positioning - The ZunJie S800 targets traditional luxury car buyers, emphasizing identity and taste, contrasting with other electric vehicle brands like NIO, which focus on a futuristic aesthetic [15][17]. - The vehicle's design and features align with the expectations of luxury car consumers, who value the combination of engineering, aesthetics, and exclusivity [24][25]. Technical Advancements - The ZunJie S800 is built on Huawei's self-developed Tuling Longxing platform, integrating six major modules for coordinated control, enhancing performance and comfort [20][21]. - The vehicle demonstrates superior handling capabilities, achieving stability at 80 km/h during emergency maneuvers, surpassing traditional luxury brands [22]. - The platform allows for real-time adjustments to the suspension based on road conditions, significantly improving ride comfort [22][23]. Competitive Landscape - The ZunJie S800's technological advancements provide a competitive edge over traditional luxury vehicles, particularly in areas like chassis design and software capabilities [19][23]. - The luxury car market is characterized by not only brand value but also engineering excellence, with the ZunJie S800 aiming to redefine luxury through innovative technology and user insights [18][25].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to enter a new product cycle for pure electric vehicles in the second half of 2025, coinciding with the launch of advanced intelligent driving features [3] - The first pure electric SUV, the Li Auto i8, is set to be released in July, followed by another new model, the i6, in September [3] - The company has established 2,355 supercharging stations as of May 29, with plans to exceed 2,500 by the i8 launch and reach over 4,000 by the end of 2025 [3] - The L series of vehicles will feature significant upgrades, including the new 2025 models equipped with advanced AI and hardware for intelligent driving [3] Financial Forecasts - The company's revenue projections for 2025 to 2027 have been adjusted to 143.64 billion, 223.30 billion, and 236.15 billion RMB, reflecting a year-on-year change of -0.6%, +55.5%, and +5.8% respectively [4] - The net profit forecasts for the same period have been revised to 8.16 billion, 13.66 billion, and 15.41 billion RMB, with year-on-year growth rates of +1.6%, +67.4%, and +12.8% respectively [4] - Corresponding EPS for 2025 to 2027 is projected at 3.81, 6.38, and 7.20 RMB, with P/E ratios of 27, 16, and 14 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to enter a pure electric product cycle in the second half of 2025, coinciding with the launch of high-level intelligent driving features. The first pure electric SUV, the Li Auto i8, will be launched in July, followed by a new model, the i6, in September. As of May 29, 2025, the company has built 2,355 supercharging stations, with plans to exceed 2,500 by the i8 launch and reach over 4,000 by the end of 2025. The L series of vehicles will feature upgraded configurations and advanced driving capabilities, with the AD Max system utilizing the NVIDIA Thor-U chip and new laser radar technology [3][4]. Financial Forecasts - The company's revenue forecasts for 2025 to 2027 have been adjusted to 143.64 billion, 223.30 billion, and 236.15 billion RMB, respectively, reflecting a year-on-year change of -0.6%, +55.5%, and +5.8%. The net profit forecasts for the same period have been revised to 8.16 billion, 13.66 billion, and 15.41 billion RMB, with year-on-year growth of +1.6%, +67.4%, and +12.8%. The corresponding EPS for 2025 to 2027 is projected to be 3.81, 6.38, and 7.20 RMB, with P/E ratios of 27, 16, and 14 times [4][12]. Revenue and Profitability - In Q1 2025, the company achieved total revenue of 25.93 billion RMB, with a year-on-year increase of 1.1% but a quarter-on-quarter decrease of 41.4%. The gross margin for Q1 was 20.5%, slightly better than expected, with vehicle sales gross margin at 19.8%. The company reported a net profit of 650 million RMB for the same quarter, reflecting a year-on-year increase of 9.7% but a significant quarter-on-quarter decrease of 81.5% [11].

安徽江淮汽车集团控股公司党委书记、董事长、总经理项兴初说："尊界S800承载的不仅是每一个尊界人的梦想，更是一个民族对高端制造的执着 追求。" 5月30日，定位中国汽车时代旗舰的尊界S800正式上市，售价70.8万-101.8万元，8月中旬开始规模批量交付。限量599台的尊界S800先行者计划将 于6月26日开始交付。 "尊界S800是中国智造走向高端化的一个开端，汇聚了中国汽车工业最有勇气的力量"。发布会上，华为常务董事、终端BG董事长余承东如此表 示。 全车实木、水晶、真皮材质经防过敏处理，负氧离子浓度达20万个/cm³。创新可吸附降解材料，20分钟内舱内气味恢复如初。全四区独立空调可 自动调节温度和风量，隐私光幕玻璃自动调整明暗。UWB生命体监测精度达3mm，可检测细微运动，自动开启空调。车内配备的隐私保密箱通过 指纹、密码解锁，锁车自动关闭。后排445L后备箱可容纳28英寸行李箱与高尔夫球包，纯电版62L前备箱采用防水设计，支持knock-knock指关节 双击开启。 性能方面，作为行业首个自主智能数字底盘，尊界S800首发搭载途灵龙行平台，独创全域融合架构，最小决策链路时延小于1ms，处理能力提升 ...

Group 1: Automotive Trade and Market Trends - In April 2025, the total import and export value of automotive goods reached $23.09 billion, a month-on-month increase of 6.8% but a year-on-year decrease of 2.2% [1] - The import value was $3.7 billion, with a month-on-month increase of 6.3% and a year-on-year decrease of 28.6% [1] - The export value was $19.39 billion, showing a month-on-month increase of 6.9% and a year-on-year increase of 5.3% [1] - From January to April 2025, the cumulative total for automotive goods import and export was $81.88 billion, a year-on-year decrease of 5.2% [1] - The inventory warning index for Chinese automotive dealers in May 2025 was 52.7%, a month-on-month decrease of 7.1 percentage points, indicating improved market conditions [1] Group 2: Company Developments - Geely Automobile's subsidiary Zhejiang Powertrain has agreed to purchase a 17.5% stake in Xingqu Technology for RMB 420 million, enhancing its core business investments [2] - Huawei's Honor S800 was officially launched with a starting price of RMB 708,000 [3] - Xiaomi has appointed Chen Guang, former CTO of FAW Nanjing, as the head of perception for its autonomous driving division [4] - Chery Automobile has established the Chery Intelligent Center by integrating its subsidiaries, focusing on smart cockpit and autonomous driving technologies [4] - Xiaomi has published a patent for a track information prompt method, aimed at enhancing user experience in smart cockpit applications [5] Group 3: Industry Regulations and Negotiations - U.S. President Trump stated that American automakers, including Tesla, must produce vehicles and all components domestically, expressing concerns over previous offshore production [6] - Volkswagen's CEO revealed that the company is in direct negotiations with the U.S. government regarding tariff issues, indicating a willingness to invest more in the U.S. if the tariff disputes are resolved [6]

关注 「电动车公社」 和我们一起重新思考汽车 《今日新闻》将会每天给大家带来几条当日重磅新闻，并附上社长的简单评论。关注「电动车公社」，新能源圈大事小事 看我们就够啦～ 今日新闻要点： 1、 韩国LG和三星SDI即将在美国增设电池产线 尊界S800上市 售价70.8-101.8万元起 5月30日，尊界800上市。新车推出纯电、增程两种动力，共推出4款车型，售价70.8-101.8万元起。 | 草界 S800 星辉黄享版 | 尊界 S800 星羅尊享版 | 尊界 S800 星辉行政版 | 尊界 S800 星耀行政版 | | --- | --- | --- | --- | | 70.8万 | 78.8万 | 81.8万 | . 101.8万 | | 五座布局 双零重力座椅 | 五座布局 双零重力座椅 | 四座布局 双ActiveSafe零重力座椅 | 四座布局 双ActiveSafe零重力座椅 | | 途灵龙行平台Max(双电机) | 途灵龙行平台Ultra(三电机) | 途灵龙行平台Max(双电机) | 途灵龙行平台Ultra (三电机) | | 华为悦影 非凡系列 35扬 | 华为悦影 非凡系列 35扬 | ...

齐鲁晚报·齐鲁壹点记者 戚淑军 2025年5月30日，时代之作尊界S800正式上市，售价70.8万 -101.8万元。作为联合中国汽车工业顶尖力量打造的时代旗 舰，尊界S800深度融合尖端科技与美学，在设计、体验、性能与安全四大核心维度，重塑超豪华轿车价值标准。 发布会上，华为常务董事、终端BG董事长余承东表示："尊界S800是中国智造走向高端化的一个开端，汇聚了中国汽 车工业最有勇气的力量"。安徽江淮汽车集团控股公司党委书记、董事长、总经理项兴初表示："尊界S800承载的不仅 是每一个尊界人的梦想，更是一个民族对高端制造的执着追求。" 引领时代的设计，诠释未来奢华新境 尊界S800采用天地人和设计理念，融合尖端科技与美学。双百万像素星河大灯首创车规级水晶大灯设计，历经近百道 工序手工打磨，彰显匠心工艺。星云画卷尾灯运用多层映射技术，呈现一步一景的动态成像效果。手握星辰门把手独 创立体星光技术，于细微处尽显科技的浪漫。 车身方面，尊界S800自然流线车身设计搭配大视野纯平侧窗，风阻系数最低0.206cd。双色车身采用6C4B车漆工艺， 历经170+道工序精雕细琢，实现零阶差分色腰线效果。车身漆膜厚度达到230 ...

图片来源：视觉中国 近两年来，在公司生存压力之下，何小鹏从一名互联网技术极客逐步"蜕变"为更像制造业CEO的角色， 而随着小鹏汽车从接近于ICU的困境突围而出，何小鹏似乎又重新回归到公司的技术内核。当然，在中 国新能源汽车市场仍在剧烈洗牌的当下，"极客"何小鹏的回归也不会是老故事的重演那般简单。 何小鹏重新聚焦公司的技术内核，可以MONA M03 Max的发布为标志——这款低配版定价不到13万的 车型搭载双英伟达Orin-X芯片（算力508TOPS）和27个纯视觉传感器，实现"无需记忆、不限路线"的城 市/高速NGP（导航辅助驾驶）功能。在5月28日晚间举办的MONA M03 MAX上市发布会上，何小鹏表 示这是智驾能力比肩行业50万级旗舰车型，也是全球首次在15万级车型实现满血版智能辅助驾驶。 "算力是检验智能辅助驾驶能力的第一标准。算力小，跑不动大模型；模型小，用不好大数据。高算力 为智能辅助驾驶筑牢高效决策基石，实时处理复杂路况，降低视觉感知延迟与误判，带来更安全、更高 效的智能辅助驾驶体验。" 何小鹏说，当大算力、大模型上车之后，视觉感知将会完全颠覆以前的整体 情况，"最晚大概一年半以后，或者2027 ...